ACCOUNTANCY (Code No. 055)
Rationale
The course in accountancy is introduced at plus two stage of senior second of school education,
as the formal commerce education is provided after ten years of schooling. With the fast
changing economic scenario, accounting as a source of financial information has carved out a
place for itself at the senior secondary stage. Its syllabus content provide students a firm
foundation in basic accounting concepts and methodology and also acquaint them with the
changes taking place in the preparation and presentation of financial statements in accordance
to the applicable accounting standards and the Companies Act 2013.
The course in accounting put emphasis on developing basic understanding about accounting as
an information system. The emphasis in Class XI is placed on basic concepts and process of
accounting leading to the preparation of accounts for a sole proprietorship firm. The students
are also familiarized with basic calculations of Goods and Services Tax (GST) in recording the
business transactions. The accounting treatment of GST is confined to the syllabus of class XI.
The increased role of ICT in all walks of life cannot be overemphasized and is becoming an
integral part of business operations. The learners of accounting are introduced to Computerized
Accounting System at class XI and XII. Computerized Accounting System is a compulsory
component which is to be studied by all students of commerce in class XI; whereas in class XII
it is offered as an optional subject to Company Accounts and Analysis of Financial Statements.
This course is developed to impart skills for designing need based accounting database for
maintaining book of accounts.
The complete course of Accountancy at the senior secondary stage introduces the learners to
the world of business and emphasize on strengthening the fundamentals of the subject.
Objectives:
1. To familiarize students with new and emerging areas in the preparation and presentation
of financial statements.
2. To acquaint students with basic accounting concepts and accounting standards.
3. To develop the skills of designing need based accounting database.
4. To appreciate the role of ICT in business operations.
5. To develop an understanding about recording of business transactions and preparation
of financial statements.
6. To enable students with accounting for Not-for-Profit organizations, accounting for
Partnership Firms and company accounts.
, Accountancy (Code No.055)
Course Structure
Class-XI (2024-25)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Periods Marks
Part A: Financial Accounting-1
Unit-1: Theoretical Framework 25 12
Unit-2: Accounting Process 115 44
Part B: Financial Accounting-II
Unit-3: Financial Statements of Sole Proprietorship 60 24
Part C: Project Work 20 20
PART A: FINANCIAL ACCOUNTING - I
Unit-1: Theoretical Frame Work
Units/Topics Learning Outcomes
Introduction to Accounting After going through this Unit, the students will be
• Accounting- concept, meaning, as a source able to:
of information, objectives, advantages and • describe the meaning, significance,
limitations, types of accounting information; objectives, advantages and limitations of
users of accounting information and their accounting in the modem economic
needs. Qualitative Characteristics of environment with varied types of business
Accounting Information. Role of Accounting in and non-business economic entities.
Business. • identify / recognise the individual(s) and
• Basic Accounting Terms- Entity, Business entities that use accounting information for
Transaction, Capital, Drawings. Liabilities serving their needs of decision making.
(Non Current and Current). Assets (Non • explain the various terms used in accounting
Current, Current); Expenditure (Capital and and differentiate between different related
Revenue), Expense, Revenue, Income, terms like current and non-current, capital
Profit, Gain, Loss, Purchase, Sales, Goods, and revenue.
Stock, Debtor, Creditor, Voucher, Discount • give examples of terms like business
(Trade discount and Cash Discount) transaction, liabilities, assets, expenditure
and purchases.
Theory Base of Accounting • explain that sales/purchases include both
• Fundamental accounting assumptions: cash and credit sales/purchases relating to
GAAP: Concept the accounting year.
• Basic Accounting Concept : Business Entity,
, Money Measurement, Going Concern, • differentiate among income, profits and gains.
Accounting Period, Cost Concept, Dual • state the meaning of fundamental accounting
Aspect, Revenue Recognition, Matching, Full assumptions and their relevance in
Disclosure, Consistency, Conservatism, accounting.
• Materiality and Objectivity • describe the meaning of accounting
• System of Accounting. Basis of Accounting: assumptions and the situation in which an
cash basis and accrual basis assumption is applied during the accounting
• Accounting Standards: Applicability of process.
Accounting Standards (AS) and Indian • explain the meaning, applicability, objectives,
Accounting Standards (IndAS) advantages and limitations of accounting
• Goods and Services Tax (GST): standards.
Characteristics and Advantages. • appreciate that various accounting standards
developed nationally and globally are in
practice for bringing parity in the accounting
treatment of different items.
• acknowledge the fact that recording of
accounting transactions follows double entry
system.
• explain the bases of recording accounting
transaction and to appreciate that accrual
basis is a better basis for depicting the
correct financial position of an enterprise.
• Explain the meaning, advantages and
characteristic of GST.
Unit-2: Accounting Process
Units/Topics Learning Outcomes
Recording of Business Transactions After going through this Unit, the students will be
• Voucher and Transactions: Source able to:
documents and Vouchers, Preparation of • explain the concept of accounting equation
Vouchers, Accounting Equation Approach: and appreciate that every transaction affects
Meaning and Analysis, Rules of Debit and either both the sides of the equation or a
Credit. positive effect on one item and a negative
• Recording of Transactions: Books of Original effect on another item on the same side of
Entry- Journal accounting equation.
• Special Purpose books: • explain the effect of a transaction (increase or
• Cash Book: Simple, cash book with bank decrease) on the assets, liabilities, capital,
column and petty cashbook revenue and expenses.
Rationale
The course in accountancy is introduced at plus two stage of senior second of school education,
as the formal commerce education is provided after ten years of schooling. With the fast
changing economic scenario, accounting as a source of financial information has carved out a
place for itself at the senior secondary stage. Its syllabus content provide students a firm
foundation in basic accounting concepts and methodology and also acquaint them with the
changes taking place in the preparation and presentation of financial statements in accordance
to the applicable accounting standards and the Companies Act 2013.
The course in accounting put emphasis on developing basic understanding about accounting as
an information system. The emphasis in Class XI is placed on basic concepts and process of
accounting leading to the preparation of accounts for a sole proprietorship firm. The students
are also familiarized with basic calculations of Goods and Services Tax (GST) in recording the
business transactions. The accounting treatment of GST is confined to the syllabus of class XI.
The increased role of ICT in all walks of life cannot be overemphasized and is becoming an
integral part of business operations. The learners of accounting are introduced to Computerized
Accounting System at class XI and XII. Computerized Accounting System is a compulsory
component which is to be studied by all students of commerce in class XI; whereas in class XII
it is offered as an optional subject to Company Accounts and Analysis of Financial Statements.
This course is developed to impart skills for designing need based accounting database for
maintaining book of accounts.
The complete course of Accountancy at the senior secondary stage introduces the learners to
the world of business and emphasize on strengthening the fundamentals of the subject.
Objectives:
1. To familiarize students with new and emerging areas in the preparation and presentation
of financial statements.
2. To acquaint students with basic accounting concepts and accounting standards.
3. To develop the skills of designing need based accounting database.
4. To appreciate the role of ICT in business operations.
5. To develop an understanding about recording of business transactions and preparation
of financial statements.
6. To enable students with accounting for Not-for-Profit organizations, accounting for
Partnership Firms and company accounts.
, Accountancy (Code No.055)
Course Structure
Class-XI (2024-25)
Theory: 80 Marks 3 Hours
Project: 20 Marks
Units Periods Marks
Part A: Financial Accounting-1
Unit-1: Theoretical Framework 25 12
Unit-2: Accounting Process 115 44
Part B: Financial Accounting-II
Unit-3: Financial Statements of Sole Proprietorship 60 24
Part C: Project Work 20 20
PART A: FINANCIAL ACCOUNTING - I
Unit-1: Theoretical Frame Work
Units/Topics Learning Outcomes
Introduction to Accounting After going through this Unit, the students will be
• Accounting- concept, meaning, as a source able to:
of information, objectives, advantages and • describe the meaning, significance,
limitations, types of accounting information; objectives, advantages and limitations of
users of accounting information and their accounting in the modem economic
needs. Qualitative Characteristics of environment with varied types of business
Accounting Information. Role of Accounting in and non-business economic entities.
Business. • identify / recognise the individual(s) and
• Basic Accounting Terms- Entity, Business entities that use accounting information for
Transaction, Capital, Drawings. Liabilities serving their needs of decision making.
(Non Current and Current). Assets (Non • explain the various terms used in accounting
Current, Current); Expenditure (Capital and and differentiate between different related
Revenue), Expense, Revenue, Income, terms like current and non-current, capital
Profit, Gain, Loss, Purchase, Sales, Goods, and revenue.
Stock, Debtor, Creditor, Voucher, Discount • give examples of terms like business
(Trade discount and Cash Discount) transaction, liabilities, assets, expenditure
and purchases.
Theory Base of Accounting • explain that sales/purchases include both
• Fundamental accounting assumptions: cash and credit sales/purchases relating to
GAAP: Concept the accounting year.
• Basic Accounting Concept : Business Entity,
, Money Measurement, Going Concern, • differentiate among income, profits and gains.
Accounting Period, Cost Concept, Dual • state the meaning of fundamental accounting
Aspect, Revenue Recognition, Matching, Full assumptions and their relevance in
Disclosure, Consistency, Conservatism, accounting.
• Materiality and Objectivity • describe the meaning of accounting
• System of Accounting. Basis of Accounting: assumptions and the situation in which an
cash basis and accrual basis assumption is applied during the accounting
• Accounting Standards: Applicability of process.
Accounting Standards (AS) and Indian • explain the meaning, applicability, objectives,
Accounting Standards (IndAS) advantages and limitations of accounting
• Goods and Services Tax (GST): standards.
Characteristics and Advantages. • appreciate that various accounting standards
developed nationally and globally are in
practice for bringing parity in the accounting
treatment of different items.
• acknowledge the fact that recording of
accounting transactions follows double entry
system.
• explain the bases of recording accounting
transaction and to appreciate that accrual
basis is a better basis for depicting the
correct financial position of an enterprise.
• Explain the meaning, advantages and
characteristic of GST.
Unit-2: Accounting Process
Units/Topics Learning Outcomes
Recording of Business Transactions After going through this Unit, the students will be
• Voucher and Transactions: Source able to:
documents and Vouchers, Preparation of • explain the concept of accounting equation
Vouchers, Accounting Equation Approach: and appreciate that every transaction affects
Meaning and Analysis, Rules of Debit and either both the sides of the equation or a
Credit. positive effect on one item and a negative
• Recording of Transactions: Books of Original effect on another item on the same side of
Entry- Journal accounting equation.
• Special Purpose books: • explain the effect of a transaction (increase or
• Cash Book: Simple, cash book with bank decrease) on the assets, liabilities, capital,
column and petty cashbook revenue and expenses.
